Scheer still watching how legal pot plays out
Can you put the toothpaste back into the tube? Conservative Party Leader Andrew Scheer was non-committal on whether his party would re-criminalize cannabis if it wins the federal election next year during an interview with Don Martin on CTV's Power Play. Scheer said that he’s watching how legalized cannabis in Canada plays out over the next year, but noted that he has to be “realistic about what a change like this means to society and all the ramifications.”
U.S. brands might be the bigger bet with legal pot
We may be one of the first countries in the world to legalize cannabis, but Canada’s lead in the pot space may not last for long. Bloomberg’s Kristine Owram reports that the United States’ edge in developing brands and consumer experience is likely to give companies a big advantage when competing with Canadian producers. A report released by GMP Securities on Thursday highlighted the poor branding awareness that Canadians had when buying legal pot on day one, leaving the door open to some U.S. companies that have been perfecting the cannabis marketing angle for years.
Canada-listed companies close more deals
Capital hasn’t dried up just yet for some Canadian-listed pot companies. Supreme Cannabis announced Friday that it closed a $100 million bought deal for its convertible debentures, which it will use to construct and develop growing facilities across Canada. Meanwhile, The Green Organic Dutchman also said its $76-million bought deal closed Friday, which the company plans to use for “expansion initiatives and general corporate purposes.” Lastly, Top Strike Resources Corp. said it closed the second tranche of a private placement that raised $13 million..
Heavy pot use linked to stroke risk: Study
“Everything in moderation” may be a credo that some avid pot users might want to adhere to, following the release of a study by the World Stroke Congress on Friday. Higher-than-normal recreational cannabis use has been linked to an increased risk of stroke, according to the World Stroke Congress, which examined five years of U.S. hospital statistics. Between 2010 and 2014, of the 2.3 million hospitalizations of people who used cannabis recreationally, 1.4 per cent of those users had a stroke during that same period.
Colorado hits US$1 billion in pot sales at record pace
Cannabis sales in Colorado have surpassed US$1 billion as of August of this year, the fastest pace of sales in the four years the drug has been legal in the U.S. state. Those revenue figures equate to about US$200 million in tax revenue for the state, which should raise eyebrows among Ottawa policymakers. Canada expects to generate about $220 million in excise tax revenue from legal pot sales by 2022-2023. Another interesting data point: much of Colorado's revenue comes amid stronger-than-normal sales of cannabis edibles and concentrates, products that won't be available in the first year of legal pot here in Canada.
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- The number of boxes of Girl Guide cookies that nine-year-old Elina Childs sold outside an Edmonton cannabis store on Oct. 17
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